The Hourly View for ETH
Last Updated October 27, 2020, 01:037 GMT
At the time of this writing, ETH’s price is down $-0.93 (-0.24%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Ethereum Daily Price Recap
Ethereum came into today down 3.25% ($13.19) from the open of yesterday, marking the 2nd day in a row a decrease has occurred. The price move occurred on stronger volume; specifically, yesterday’s volume was up 122.78% from the day prior, and up 65.13% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 5th since yesterday in terms of percentage price change. Here is a daily price chart of Ethereum.
Ethereum Technical Analysis
Coming into today the current price of Ethereum is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:
- From sassal0x:
I hate to say it but I feel like people outside of the Ethereum space have no idea that what’s launching in 2020 is not the full Eth2 suite.So here’s a PSA:What’s launching this year is Phase 0 of Eth2 which is Proof of Stake only – no sharding, no smart contracts, no txs.
- From RyanSAdams:
ETH will absolutely challenge BTC as money.ETH is already better money than BTC on Ethereum. ETH is the reserve currency of largest trustless economy the world has yet seen.If you think the tokens of ETH killers are the same as ETH, you don’t understand Ethereum.
- From ercwl:
– Ethereum will ride massively on the “it’s an environmental crypto that doesn’t waste as much electricity as a country the size of Ireland”-meme. True or not, no amount of education is going to stop this, regardless of how ETH2 really progresses.
As for a news story related to Ethereum getting some buzz:
What is The Potential Impact of Ethereum 2.0 on The Derivatives Market? | Binance Blog
Below we examine several market indicators that could potentially reveal traders’ sentiment surrounding ETH 2.0. ETH Futures open interest remains strong on Binance Source: Skew Ethereum futures open interest on Binance has risen considerably since the beginning of 2020….The open interest upsurge in the second half of 2020 may suggest that traders have positioned long-term directional bets on Ethereum. Increasing Futures basis signals investors’ expectations Market analysts often turn to the futures market to understand market expectations….The basis represents the difference between the underlying asset’s spot and futures prices. In bull markets, futures prices trade higher than spot markets….As such, the futures basis tends to be positive….Looking at the growing demand for Ethereum futures and options, it seems to suggest that investors are still bullish on Ethereum with concentrated activity surrounding the expected launch date of ETH 2.0. Backed by other fundamental factors such as the fast-growing DeFi sector, the demand for Ethereum looks convincing….Retail investors who cannot afford to stake on the new network can gain leveraged exposure to Ethereum through USDT Futures contracts.